[NDLAN RAILWAY FINANCE CORPORATION UMITED

|A 6evomment Of lrldl. Enterprfco)

aN L659aeDii986coi026]®
Redst.rod CMieo: uG Floor, I.ft Toiver, NBCC Pfoc., Btlth.rn mm.li M.in. PT.ml vihai., Lodhl Road, Nonr t»Ihl.11oco3
pl..: oil-z4ael480, Emall: lrn.effcoelrleeo.in, w®baR®: http=//lrfcco.rn
Exfroct a. Stmnut ol Audited F7mnc[.I Rceuto for`h. qu&rtor -ltd veer .nd.I !1sl Mard` ZO24
(Alrourfu 11` rf lllone ol INR, unlos. ctnd odenrfu)
QuertorEnded vow Ended

Partlcubirl
Slat rgrcl` Sac I-tar )"h- 3m lvercn 3mn-
20Z4 2023 |tlll 202® 20Z3
Audnd uneud" ALlded Audlted Audha
(I) |to`i.mo From opedlDrB e4,731.ie ch3fiE,Jn tl,936.|| ZffAIJP 2p73mi8

'„' Net Protlt for th. ported (I.rfeli. Tax .nd Ere.ptlend toltt.) 17,1„21 15,9eei 12,852.aa 04131JP eL67i5e
'111' Nct ProfR for th. period bedcm Tax later Emi*bml iteni8) 17,1„21 15,98931 12,852A1 64,1ZIJP e*G7i56
rvl Not ProfR .ortho perlod her Ta late. Exogivloml lm) 17'17)21 15,999J1 1Z,8S2A1 64,12|J» eL®71J!6

M Tut.I Cchpleh®ndv. II`cone forttl® pchod [comprfuln8 wh fortho pchod otter em cod Onor 17290„ 16,055JB1 1Z,845.11 64,s24jn u.,1,JS
cbmprchen.lee lI-n- rfu ted

rv'' P]ld up Equity Shar. C.Fihal (Ere V.Ive ol RI.1o/-Per Shaco) 130us.co 1,3o,685ee ifo,6e5.o® i,3o/se5.ee leo/585.rs
Nl') Cmer Eq ufty Erdudln8 Re`.al iutlon fu}..n/a. a per b.bnco chef a,01,100JB1 9A3,garm 3,10A16.75 3,u,100J}1 a,|qul®.,5
Mlll Nct Vtorth •,91,78Sct a.7.jglco 4AS+sort 4PL78§.67 4Aqulm
'IX' P.IdupO.E*Cepeq/OuertmdlngO.bl 4i,2O,anl]i 4tzQ,aroA2 rtyegr92s8 4L20.2101 41,89,202SB
IX' Deft Equlty mlo 838 8.68 J, eJ, J,
Ixl' Bmlng Per Share (Of R. ae och)
• Babe [R,.I 132 123 1m 4.91 4.72
• Dnuted lR&' 1JZ 12, 1.02 4.in ^72

„otB..
1 The ebove flnanclal resute have been revlewed try the Audltconrmife end approved and taken on record by the Board of Dlrectors at thelr respective rreedng held on Monday 20th May 2o24

2 The above 19 ®n e>ttrect Of the act.ikrd forlmat for the quarter and year ended 3tst March 2024 flnanefal results flted with the stock exchange under Regulaton 33 & Ftegulatlon 52 of the SEBl (ustlng
Ob»gatoli§ and DlscLceure Requlrements) Regulatlons, 201S. The full forrmat of the quarter end veer ended 3tst March 2024 flmanclal results ls avalfablo on the webslte of the stlx:k exchanges
(`^^./w.bselndla.com and `^/w`./.nselndla.com) and the `.febslte Of eie Compeny (https://rfc.co.In)`

3 The Bound of Directors has recommended the Flmal DMdend of Rs. C170/- per equlty share of Rs. 1Q/. each for the Flnanclal Year 2023,24, subject to appro`/al of shareholders at the edsulng Annual
General Mcetlng (AGM). Thls ls ln eddlt7on to the Interim Dtvidend of Rs. Oj!O/-per Equtty shore declared on 2nd No\rember 2023, theredy rmaklng total dividend for the Flngnelal Year 2023-24 to R
15o/-per share, on the face value of Rs.1o/-each.

4 Prewlous perlods fl8ures liave been regrouped/rearranged `wherever considered ncoessary.

5 Shareholders holding shares in dematerlallzed mode are requested to update thelr records such 8s ur resldentlal status, and permanent accoitnt number (PAN), iroblle mumbes ond other det8«s
w.th the rdevant deposltortes through thelr depository pan5elpents. Shareholders ho!dlng shares ln physlc®I nude are requested to fumlsh detills to the Company's Registrar and Sh®ro Transfe
Agent, M/a Beet]I Flnanclal & ComputBr Servlces (P) ltd 8t lrfe®beetalflnanc[al.com. Member(s) are also requested to regTster/updst€ thelr i./mall [D with compeny a
`nvestors®lrfcJ:o.Tnroeposltory pertlclpents/Camp.ny's Regl§trar a Shore Transfer Agent et trfe@beetalfin®nclal.conrl which w.II be used for sending offlcld dcaurnents through e-mall [n future.sO®reholdersererequestedtocl8lmtheirunpeTd/unclalmeddMdend,ifanytry`indn8toCompanyatItsReglsteredofficeoremallatlnvestors®lrfci:o.inortDR&TAoftheCompeny a

6
lrfcinvestors@beetalman.com. Dlvldends if not encashed for a consecutlve pchod of seven 0) years ly lng with the Companles unpeld dlvi tend accounts, are llable to be aensfarred to the I nvesto
`.... ``'...`~.`.``'``.... -`.`.`.` -..`... ``..s.'. =. `.....`..`-.`.`..' `... -.. `-``=`~." /kul`

|urm Rlrnd®)
cl`alrrun ed whdrnf Olr-or, |^ddnl Cl`qp|, CEO
Plae: htw octhl DIN: 1o5e5537
Ere: 2oth Mov 2o24
lmportut Notlc.: lnve§tors are requested to toke note of d]spute resolution ntchanlsm I.a., flrstry with the Company/RTA, ln case the lnvestor ls not satl.sired `^wh the resoludon provided by th
Compenv/RTA then on SCORES p!atfomi at ve^rw.scoreseov.In, after exhaustln8 these options lf the lnvestDr ls still not 9atlsfled then on cornrron onune Dlspute Resolution (ODR) Portal
mRprtill srn8redr.In/Iogln. Alternadvely. the investor can inTdate dispute resolutlori tfrou8h the ODR Portal lf t he grievance lodged with the coneemed Market Partlclpent `I/8s not s8tlsfactorilv resolved or a
any stage Of the subsequent escalaGons mentioned €bove (prior to or et the end of such egcaladon/s). Invegto rs rriay refer to the modalltles and operatonal giik]elTnes Of the ODR Portal as provided ln th
SEBI Master Clrcu!ar No. SEBuno/OIAE/OIAE_IAD-1/P/CI R/2023/14S.

0.P. TOTLA & CO.ChaERrNap&coc7oifep=rfelect

PARTNER
M.No. 429100
 INDIAN RAILWAY FINANCE CORPORATloN UMITED

(A Govemmen` Of India E ntemrise|

aN L659ioDLi986Goi02 6363
i Regls®ered onlce. UG I:Ioor E.5t To`..er NBCC P lace, BJilcham Pltamah Mars, Pra€3tl Vlhar, led
hl Reed, New DelhL110co3
Ph . 011-Z4361480 Em n: lnvestors@lrfc.co.!n, Webslte: https:/tirfc.co
Statement Of Audited FIIiand Resuke for the quarter and year ended Slat M ch Z024
(Amounts tn mtlllons Of INR, unless stated othenwl5e)
Quarter ErLded Year Ended
i Partloulers
31st March Slat Oecembe. 31st March 31st Ma rch 31 March
20Za, Z023, 2023, 2024 20,3
Audlted Umaudzted Audlted Audited Add(ed
Revenue from Oper3tlons
(i) Interest Income 21,410 47 z3pr8.39 19,984.sO 88,238,32 7S,472,85
(u) Lease Income 43.320.69 44.017,28 4`.951 21 1 78.201 52 1 61741.33

(I) Total Revenue From operations 64,7]1.16 61365JS1 G1,936.1l Z,66pe" z,37,zi4.ac
(«) Divldendlncome 4.39 030 412 776 S.55

(111| otherlncome 44.34 3418 362 54 105 57 407 98

Total Income (I + 11 + Ill)(lv)Expenses
64,779J}9 67,Ou.15 62,30Z.77 2,66,559.17 a.||RE|.|1

(I) Flnance costs 47,247 18 51,042 93 a8,sol.oo Z,01,014.70 1,74,472 08

([1) Impelrment on Flnancl8l lnstrurner.t5 5.00 SOS 622 (39 28) (29.09)

(Iil) Emptovee Benefit Expense ?Sr? 3117 42.S9 111.72 130.99

(rv) I)®Drecl®t(on, Amortlzatlon and lmpairment 17.33 332 3320 9442 140.62
(v) Other Expenses
-Corporate Soclal Responslbllit`/ (CSR) 280.67 280.68 413 90 1,122 70 1,096 44
- Others 30.73 37.68 7.4S 133.87 145.11

{V} TotelEurnses 47.5on6a si,aioJro 49.cO.36 2.02.ca.13 I.75 956.15

(Vl) ProfitBeforeE]oceptlonal ltemsandTax(IV-V| LJ.,J3.21 1S,989.31 12,852 41 64,121.04 61,671.56

(VII) txceptlonal Items
(VLI1) profit Before Tax `VI-VIIl 17,17|Z1 15,989.31 1Z,852.41 64,12L04 61,671.56

(lx) toxExperce
- Current Tax
-Oeferred Tax
• Adiustment for E®rlier Years

Totol Tax Expenses

(X) Profit for the period From conr[lnulng operations (VIIl-IX| 11,\131\ 1S,989.3l 1Z452A1 64.121.04 61,671.56

(Xl} Profit from Dlscontlniledoperations

(Xll) Tax ExpenseofDlscontlnued operatlons
|XIll) Profit from Dlscontlnued operatlons (After Tax) (Xl-XII)
|xlv) p.oflt fo. the period (x+xlll}) \1.113.1, 15,989.31 1ZJ'5Z.¢1 64,„1.04 61.671.56

(XV) Otl`er comprehenslve Income

(A) (I) Items that will not be reclassified to profit or Loss
-Rerneasurement Of defined benefit plans (a.07) 151 1.8S 4.47 606
-Remeasuronont Of Equity lnstmumont 117.73 6479 (91S) 399 31 39.S3

(11) Income tax relating to Items that wlll be reclasslfied `o profit or loss
• Remea5uroment of defined benoffi plans
Remeasurement of Equtry I nstrument
Subtotal (A) 117.66 6630 (7.30) 4a3.78 45.59

(a) (I) Items that wlll be recla5sified to prorrt or loss

([1) Income tax relatlng to Items that will be reclesslfied to profit or loss
Subtotal(a)
(Xvl| Cmer comprehens]`re Income (A + B) 117.66 66.30 (7cO) 40,.78 45.59

(XVII) Total Comprehenslve Income for the Year (Xvl+XIV| \,J", 16J)55.61
I
12JIA5.11 64j24J!2 G|,7|,.rs

(XVIIl| Paid up Equity Shale Col)lt@l (Face V8tue Of Rs.10/-Per Sh.re)(XIX)OtherEquityErdudlngRevaluationReserves8!|}erI)alancesheet 1.30,685 06 1 so.es o6 1,30,68S.06 1,30,68S,06 1,30.68S 06
3,61,loo.61 3,43,906,84 3,16,116 75 3 61100.61 3.16,116 7S

(XX) The a|)pllcatile AnalvtJcal Ratlo5 and other dlscto.ures are as uncle.:
Earnings poi equity share (Face Value Of Rs.10/- Per share)
(Before I nitial Public offer)
I Baslc (Rs ) 1.32 123 1.02 491 4.72
• DIIuted (Rs.) 132 1.23 102 4.91 4.72

(XXI| Additlonal lutormatlon

Percentage of shares held bv Gavommont of lndia 8636 86.36 86.36 8636 86.36
Net Worth 4.91.785 67 a.i4.sgL.so 4.46 801. 81 4.9l,78S.67 4,46,801.81
•See Note no,12 ,

NAVEEN K. SOMANI
PARTNER
M.No. 429100
 "DLAN R^iLWAy FINmici: cORroRATroN ilmTro
(A Go`cmlTut of mdfa Erferprtse)
aM L659ioDLig86Goio26363
Redstored onlce; UG Flaoi, E8st Tover, NBCC Place. BhBham Fttamch Mom F"tJ Vlhar, LodM Roao, ^ha^i Delhl-1100a3
in.: all-243614Bo. I.inn; B"estols@lrfeccLln, Woe.bo: https://lrfc.co.in
Statement al Assen a lfabnitkrs
IAmaints ln mrmevB of lHR. unkrss stated atherdsel
AS®t01Aul2022
Pendylan 31 ntonrfu z024 91 Mwh 20Z3
ASSETS
Finarful Assets
Cash And Cash E4uivolents 2`.,ro 1,62638 1.cO428
Ban k befa ncc otho r The n Above 4,446.00 3,79021 1.969.48
Dertolve flnar`cial lnaruments 4,89792 4,952JB 2.02325
IJaene
-lcon to R®llwdy Coni®anlcg 49,445.08 S9j3126 68248.05
- lca Rcc.ivables 25,9¢pe cO 24,33,5On70 20,cO,7Z2.20
(nvctments 535.95 136m loo.03
Other Fln®ric(®l Assets io.n.sso.oi 22,s2,74&rs 22.4],Tig re
TOul Fhard.I A.cO 47.29m66 47.56|S3.65 4ab2i.goo.17

Nonflmlutl assets
Cu rient Ten Assets (Nat) 3,44124 3,6cO23 6.313.ce
Property, Plent And Equipment 148.16 126.sO ae8JsO
R4ht Of l/se Assets 62.51 52.76 22425
Int.nflble assets under developmentc"rlnton.IbleAsee 37.849.79
12.63 |G.51
Other Nan+ln®nclaJ Assets Leo.116,co 1,43.561.74 1.64940.28
Tat.I MmFirm`clal AS!cts 1.ZIJ}1S.cO 1.„J,33.86 |nJ'9Z.ce

Total Asset 4&5oJn4.26 \9.03rm.5, e4.93sgg^5

iue iuTIEs Ant) EQu.Ty

uniuTIEs
Flcooctw ifarmides
Oerivathre Flnandal lnstrumcnts 18,53iJre11.07 9.072.819.cO a.669.3310.02
Payoues
-Tredc pavabts
0) Total outst.ndln| d `ro o{ mlcro enterprlses and gmall enterorlses
(11) Total outstandlnf dues of credfrors other than mLeTo entcrprlses and small
• other payabbs
(I) Tct8I outsqndln. d ees Of mloo cnterprlses and §rnall enterpTlsco
(JI) Tctal outstandlnf dues a( creators otl`er than mielo ent.rprlsos and small 1,S37 1|9.1S 22Ou!0
Dcb! Scaritles 22,sO.942.28 21.cO£42.33 19,41.749.S}
Born)wln83 (Other Than Debt Sccultie) "693|8:n 20,28350.25 19,42,416.65
hare Llabllrtles 64.1a S6J9 233.52
Othe. Flnanel®I lfabllIttos 2,14,504.cO 2,S6j36.18 1,94267.45
Tccal Flmlrd®I Uebnftfo •L53ST1.86 I , I . .
40,8co66,70

lI®n+b.andal Lfabllhlee
Ciirrent tax LJabllitk!s (Nct)
Pde'ons L627 70 Lo48Jan S35.71
Dcfei.ed Tax uablllt(c. (Nat)OtherNan+hanclallLabllItlcs
3,833.03 850.77 4,7ac.43
Tct.I Nor.Flnamslal lboutw 5,rm.73 lJIJI, 5.272.14

Tout u.bllttkB I. dLra7rs.ae 40.89jxrm

Equ'ty
EqultySh®roCapmlotherEqurty 1,sO.685.cO 1,3o,6a5.ac 1,3o,685.ca
3,61,loo.61 3.18.116.7S 2.13.0ls.SS
tow€qufty 4L91.785.67 4.46jmi.81 4.a3.760.6i

Tt*al Llabllftlae And Eon ho I,-- - 'r I rJE u93J,99A5

'0.PTOLA&Cchagr£€ofi:t`ns

PARTNER
M.No. 429100
 INDIAN RAILWAY FINANCE CORPORATtoN UMITED

(A Government Of lnd!a Enterpris.)

aN i659iooii986G01026363
3
Reglste]ed Office: UG Floor, East Tower, NBCC Place, Bhlcham Pitamah Mars, Pragatl Vihar, lodhl Road, New Dell`1110cO
Ph.: 011-24361480, Emall: investors@lrfc.co.!n, Webslte: htti]s:/^rfc.co.in
Statement for the cash flo`.re for the Year Erided 3lst Mawh 2024
lAmounts ln ml!llons Of INfL. u n less stated othenwlsel

Year Ei`ded31March20Z4 Year Er`ded31Marcli2023

Pardculars

A. CASH Flow FROM OPERATING ACTIVITIES

Profit b®foro taxes 64,121.04 6|,6,i.S6
Ad rustments for .Remeasurernent of Defined Benefit Plari5
447 6.06
Depieclatlon and Amortl5atian (mcludlng adiustment to ROU assets) 94.42 140.62
loss on Sale Of F(xed Assets 0.43 017
Discount Of CoTnmercial Paper 445.7S
Adjustments Towards Effectlve Interest Rate 833'30 974.66
Ga]n on Derecoginatlon Of Rou A!setInterestExpenseonleasetlabilrtles (3.74)502
923
Drvldend Income Recelved '7.76\ (S.Sst

Operating Profil Before Wockin8 C®pltal Changes 65,49Z.93 6Z,796.75

Mo`/ements Tn Working Capltal:
Increa!e/(Decrease) in Pavables 27.49 (114.10)
increase/(Decrease) in Provislons 579.68 512 31
Increase/(Decrease) in Others Non Fmanclal Llab]Iitles 2,982.26 (3,88S.66)
Increase/(Decrease) in Other Flnanclal uablllties (41,831.73) 62,060 17
Decrease/(Increase) in Recervables ( 1,63,337.30) (4,34,SOS.07)
Decrease/(Increase) In Loans and Advances 9,886.18 8,916.79
Decroaso/(Increase) ln B8nk Balance Other Than Cash and Cash Equivalents (6S5 79) (1,820 73)
Decrease/(Increase) in Other Non Flnanclal Assets 2S,445.68 21,378.54
Decrease/(lncrea5c) lr. Other Financial Assets •.cO.3u`S9 t3 875 46)
Cash Generated From Operations 78,901.99 (zjpe,576A6i
Less. Oirect Taxes Paid (Net of Refunds) '238`99' /2,692.85)
Nct Cash Flow/(Used) ln Oi)eratlng Activities (A) |9.,cO.98 i2j]5Jm3.6il

a. CASH FIO\^/S FR0lvl lNVESTING ACTIVITIES

Purchase Of Property PLant & EqL(ipments end lntangible Assets (83.27) (7.75)
Proceeds From Sale of Property Plant & Equlpment 007 0.19
Proceeds From Realizatlori of Pass Through Certlficates / Sale of I rvestmentsDlvidendIncomeRecelved Z.925.55
7.76

Net Cash Flo`^r/(used) ln Investing Actlwltles (a) '75«1 a.91

C. CAsl+ FLOWS I:RON FINANCING ACTIVITIES

Proceeds from I§Sue Of Equlty Share Capital
Proceeds from security PremEum
15sue Of Debt Secu/Ities (Net Of Redemptions) 90,cO3 83 2,.9,OSS.32
Ralsing of Rupee Tern Loans/ Forelgn CiJrre nay Oorrowlngs (Net of Repayments) (1,50,cog.74) 86,sol.29
Issue of Commercral Paper (Net of Repayrnent5) (44S 75)
Payments for lease ltobilities (including Interest) (71.60) (131.86)
Share lssue Expenses 6180 12.01
Flmal Dlvidend Pald (9,147 95) (8,Z33.16)
Interlm Dlvidend Pald (10 4S4 81) Ilo 454 80)
Net C®sti Gener.ted By/(Used ln| Flnanc(fig Actl`ndes (C) 180.464 221 2j36.444.ae

Nut Increase ln Cash and Cash Equivalents (A+8+C) 11,398.681 S62.10

Cash and Cash Equivalents at the begmning Of the Period 1 626 38 1064.28
Cash and Cash Eaulvalents at tl`e End Of the Perlod Z27.ro 1.6Z6.38

0.P. TOTLA & CO

CharteredA.c^c.o^u.n^tan.ts
FRN -00

ME?oPT4¥;iRoo
rates:

1 These fin.ncl.l .csults have beer` prepared ln ®ccordancc with the .ecofnltlon ar[d measurement prlnclpke laid down ln lndlen Acountln. Standerd ('lnd AS.) -34 'InteTlm Flnendal Reportinr, notifled under
section 133 of the Companles Act, 201a ro]d with Compenle (lndl.n Accountln| Scandardl) Riileg, 2015, a§ emended tram tlme to tlmc, and othc. accountJnf princlpts fenerally acapted ln India.

Z Tnc Camp.ny hes cxcrdsed ttic optlon under sectk)n llSaAA of the lacome Ten Aa, 1961 \Atth cffect from flnanctal ye.r 2019,20 relevant to ®sstssment vcar 2a20-2| Afltr cxerdsln. the optbn of Sect(on
115BAA, the taxable Income under the provisions Of lncomc Tax Aa, 1961 comes to NrL. Further, after 8doptlon Of Sectlon 115eAA, the Company ls outaldG the scope and app(habllrty ol MAT prowhk)ns and.r
Sectlon 115JB of Income Tei Aa, m61.

3 As per Gazette notlfLcltlon No S.a 529 (E) dated 5th FebTvary 2018, as amended by notiflcatlon no S.a.1465 dated Znd April ZO18 Issued by Mlnlstry of Corporate Affa)rs, Government Of Jndla, the provlsens of
lnd AS ra rctatln| to Ddened Tax Assct"crred Tar lJabllrty aces not apply to the Company w`c.I.1st Aprll 2017, .ccordlndy, no pTovt5Ion has tttn miidc lor Dderred tax IIablllties/Deferrd tax assets.

4(a) IRFC Commenced project tundlnc to MOB (Mln&ry Of R8ll`rays) for cre8tlon a dcvek)pmert ol ralh.rao/ lnfrastructilrc pro|ects ln october 2015 under flnancc (case model wtth commemement of tea!c rcntab after
a cestatton p.rlod ol 5 `/cars es pei memorandum Of understandlnf enteroEl `.fth MOB ln 23th Mav2017. The ®rrount idvaned to NOR has been Sho`.in ®s `Advance to MOB for R.llway lntras!ructure Pro|ecc'.
From the gald account, the company on receipt Of confirrnctlon/utll[atlon reports lrom mLnlstry Of rall`ravs;. `renstcrs amount actilally uttllsed to .pJOJBct lnlestruaur. a8id und.i flnanco Leas... DiiilnI Fy 2a21-
22, the Lease Agcemeut(s) for EaR IF 2015.16 and N.tlonal Projects 2018-19 artd durlnf flnanclal year 20Z2-23, the lease Afrecmert(a) for EaR JF 2016-17 and National Projects 2al9-20 have been executed
bet`Ieen MOB end the Company with I.spect `o aforcseld lnfrast.uaure assets.

SlmlJ.rly, duT/ng the current flnanclal year 2a23-24, the lease Agrecmcrt6) for EBR IF 2017-18 have been executed betveen MOB and the Camp.ny with respect to froresald lnfrasl.ucturo assets. The account)nf
as per lnd AS 116 has bc.n carried out (or the same durinf the currertt flnancra' ycai.

Abo, the cxecutk)n ol lease A€reemont for EaR (i 2018.191s uncle/ p.oces8 end the tease rec(cvables have been retoer!19ed with ehect from 24th March 2024.

(b) Th. pro-iece lncom. on flnonclnf Of F`all`cay lnfrastnicturo protects has been eccounted for at the avcra€c cost Of Incremental borrowln. plus mangln on the lundg ®moiintln| to Rs. NII mllllons transtcried to
NOR duilni the year ended 31st MaTcl` 2024 rveer ended 31st March 2Q23: Rs.1,53.esz.01 mlllfros).

For computln. the li..se ReAtal, ln respect Of .he ro"nf stock ®ssds .cquJrd .nd Leased to the Mlnlstry of Flall`Aoys .moimtlaf to Rs. Nil mill)ons durln. the yc.I ended 31st March 2024 0'.ai ended Slat March
2023: Rs. 87,464.42 mll!lons), the lease Rent.I Rne and the lntemal Rate of Rcairn have txrsn worked out \^Ith .efermco to the mrerae cot of Increment.I borrowinfs nde durln| the vcar plus the martyn

5 Pii"nt ta Reollatlori 54 ol SE8l oust)ni oblleatlons and Dlsdceufe Requlrom.nts) Fieolratlon, 2015, for all the securd nonconveruble deft seciimlcs .nd oth.f sc€uTed borrowlncs lssiied dy the company and
outstandln. es on 31s` MeTch 2024, 10096 eecurfty cover has been mthtalned bv way of char(e on present .Iid future rollln. stock esscts end/a. Icase reetwab!e ol the company. Accordlnoy, the camp.ny ts
malnt.Inln€ as e!get cover Of lx tlmes .a on 31st March 2024 ln respect ol secured nonconvertlble debt 6cturitles Issued and other sa=ured borrowln¢ of the Come.ny. Pleas. refer Annouro -A

6 0isdosuro ln compllancc with F`e.ulatk}n 520) .nd S20A) Of Secur8ies end Exchene. Board of lndfa (uslln. Obllptlons and Dtsclceu/e Requlrements) Rep.18tlons, 2015 for the vcar ended 3lsl Mar 2024 8
Annexed as Anl.Bn.ro -8 a c

7 Tlie additional lntormtbn ag requlrcd under Rcqufatlon 52(4) al sEBl (usth. OblJptlons and Dtsclosura Requlrements) Requlatlone, 2015 is innerd as Anl.ouir-D.

a Th. Compony's maln buslneis ls to provide leasln€ end (lnanclni to Rallvay Sector ln lndla. AS s`Ich, thor. are no 3epeme raporfeble business se€rnents whm the meanln|| o( (ndl.n Acoiirtln€ Sl®ndard (lnd AS
loo `Opcrctlnf Scgrn.nts..).

9 The dl!cloSurc ln .espect Of related a.rty transactloas es requlred iindei re. 23P) a. SEBl (Ljalnf Obllfanons .nd I)isclosiiie Requlrencnts) Refulatlons, 20)S the year ended 31st March 20241. annexed as
An-in E.
10 IRFC ls currently Ln the process Of lmplemcntln8 the ERP. Ourln€ the trausltLon Of dat. from the lefacv system to the ERP, It `ras obscnrd that there was 8n o`nerstd.men` by Rs. 790136 mJllk)n ln lease
reoelv8bles, due to veTl.nces ln capmal iecovery in the teTmlnal year of the lease ai/cements whkh have completed thelr prlnurv lease pered.

Aocordlnfly. th. Icase neoeivables atid rctalned e.inlnc e! at 1 Apru 2022 were ov.]staed by ts.6202.79 mllllon each. The errs. has also resund ln .cductlon Of profit forthe year .nded 31 March 2023 bv R$
1698.57 mlllien. The lease receivabk; and rctilned earnlnp &S ct 31 Mirch 2a23 `^rere o`r.rstated e.ch by R9. 790136 m\`lw>n and the compeittbe tlfures as ct 31 M8ich 2023 and 01 Aprll 2022 hove ben
rcaed.

11 The above f(rmd®l reguh5 wcr. re`in.red dy th. AudLt Commlt®ee end ®pproved .nd taken on reoord by the Board ol Dlrcaors at tholr .cspccLhe mealn€ held on 2Cth May 2024. These have bccn oubiBed to
LJmitedRevlcwbytheStatutoryAudltorsoftheComp®ny.

12 tn the afomeeld flnanclais oesubs the flevTcs for the last qu®rtei Of the ciirren end predouS fln®nclal veal are the balanc)nf f(grre bct`^een audma fl8uies ln rc§pcct ot th. (ulL flnaecl®I veer and the publz!hed
year to date flfures up lo crid Of thlrd qilator Of the ciLrrant and previous fln&nclal ycor which `verc subjeaed to IIrmed re`rk)w dy stat`torv ®ndrori
13 The Bo.rd Of Dlrector. has reoommcnded the Flnel Dlvid¢nd of Rs. 0.70/-per cqiirty share Of Rs` 10/-each for `h. Finan€Ial Yeai 2023-24, subitr to ®pprovel Of ch®rcholderS at .h. enoulnf Annii8I General
MeetJng (AGM)` This ls in edditlon to the lnterlm Divklcnd Of RS. 0.80/-per Equfty share declared on 2nd November 2023, the7eby maHne tot.I dJvid.nd for `h® Flnaedal Year 2023-24 to Fts I.50/-pei share. on
the f®ce value ol Rs. 10/-each.

-. . .. . I

Tl.ere `Aa. tio ln`ctar compblut pond]u ct the be8lmrne a. `Iell co end al the alarfer end 31 Wall:h 2o24 Equ Bond

Total holders conplalnts p.ndln8 at tl`e bellnnlnc 7. Nll

Total hotdeig comEifalnts itcel`ed throufh corresDondcncc 626. 3

Tctal Comalaints rccehnd from SEBl dur(nlz the mr!od 4.
Total comalalrfe reohnd / reeHed durmz the o€.led ee7. 358.
TatJ.I holdcrg mmDh]nt. bEndlm N„ Nll

Plaer. Ntw Odhl

Ice: zoth May 2Q2.

ch£#
0.P. TOTLA & CO.
"fadr.
Cheirrnen and Manatln| Dlrcao.. (Addnl
Ch.'tt), CsO
DIN: 10565537

PARTNER
M.No.429100
 i
a-i ai. §.S i!
i
i iE
Ig
i
i.
ia3`i ,i i i i
I
i, !i
i
ii
.i
ijiiiii!i i
!
E
i
i!ii
8aa 3
3i !i a a
a a i a! ?5 iB
i i i. i i
i
i3 ?
i iI
!!iiii
ii,i
I
i iii !#i!i
t `
i5 i R
i 8 a
i § a
i !ii
3i
i
!iii!# .
iai 5
iS
ii i i i i.
i
i#!ii!!!
! ! f
i i!# a
£ £
!f!
ii
!!! i
I ii
i
3i
i i!!i if!
ii
iiE
i
ii
i i i !! iii
Ii I 5i§i !i i i,i
i ai
I i ii ii ii
ii ii i 8i !i55
a ai5
iI t §Ii
ii ii ii ii
i i i . i i ii iii
?Cg*i?`:a
aI IZ IZ IZ |Ja
!`Ii! ah
= = = =
:!!!
a.E!
<§9 co
a
Z aa aZ aZ
aa C)a C)C,aa0 aad 0C!®, IT1
t\ CJ a
C)a Ha
±i5j C3tJ1
N` Cn r®` CV
aa aa 0C2
a
C>
®Ia §,TJ*T.
® 0a a
C> aC>
a
i.I5j |n
Cq
C>
c®` in rq
+ +
N
+ +
E.gE lJ}

Cq
C>
Cq
C)
N
aC`
Cq

Cu
C>
Cq
2i iE a ad a
CV CV
C) ain I
I
CO ®
T+
o5
Cq d
CO
f
+
Ei E.¥ ?-i E.?` ?-i E-?` ?-i
¥£±5F ££±5E ±£±5± i-i`±i-i
~=
~E +
=
~=
0 a a, ®
E E E i
iiii Ce

a'
u
d
Q*
a)
i
®
u
a'
~aa'
al
a'
du
*toa,

a)
du
CL
~a,
€ f B j! 03 CO
=£.E .a
I
CL.

>
L,
CL

.±
A
I>
01
Ct)
LA
Cr)
aJ
Cn

0`
r`
in
t`
CO
CY,
a aco a
CO
a
CO
aa,
U) N LL.
Cr'
LL.
in
LL
Cn
LL,
CO
lJ|
a|r) a
1®
a
IJ1
LIJ
C>
a
LL] LL)
Z Z a
LZJ
u
LL.
u
11
u
LL,
u
L=.
EZ a: Cz: cz: cE:
=£
 Annexure C

8, Statement of Deviation or Variation in use of Issue Proceeds

Particulars Remarks
Name of listed entity Indian Railway Finance Corporation Limited
Mode of Fund Raising Private Placem ent
Type of instrument Non-Convertible Securities
Date of Raising Funds Refer Col. 5 above table
Amount Raised (Rs. [n Crorel 11,116.00
Report filed for Quarter ended 31.03.2024
Is there a Deviation / Variation in use offunds raised? No
Whether any approval is required to vary the objects
of the issue stated in the prospectus/ offer document?
If yes, details of the approval so required?
Date of approval N.A.
EXDlanation for the Deviation / Variation
Comments of the audit committee after review
Comments of the auditors, if any
Objects for which funds have been raised and where there has been a deviation, in the following table:
Orig,nal Modified Original Modified Funds Amountof Remarks,
Object Object, if AIlocation allocation, Utilised Deviation/Variation if any
any if any for the half yearaccordingtoapplicableobject(INRCroresand in%)

N.A.

Deviation could mean:

(a) Deviation in the objects or purposes for which the funds have been raised
a)) Deviation in the amount offunds actually utilized as againstwhatwas originally disclosed.
 `` i .. -i .: .- -.-. :-
®0 ?#£ €€§
!gin
:&
co ® * - ® ± 3! -®
® cO I/I C) C) J3 J] J3
> cx'c, =*= £££
€
E ®??i
!§in
f .:. . ... : -i..i.-i:
J= a, a cO c) a jE J! 8
§NN €??
!gin
t j!j§t=~
a'

.i.
co a rJ
in ~ N
-[..
ri ri
`.:+`.
a] ro
6j G: G:
ro
:i8E s!??
g£ #€= ===
<`:--..-....:-
i?a
I§in
33
JI E
FF
E a€ a a
£5ig
a£
V,
..83
•88
EE
? j! a E
3 .= g g
i;;i!;!gg§
2 + rJ in a ul \0
 aiS9i3£!
i;!iii!g
ig ?i=
jEt35ai5!ti3j!a
ii
i
Eg!f
ii ?i
i
ii3
§i=
!!83!6i!g
iS9` 9?
£a;i9 i8
93i =a3 3;
8 = a a a 8§ =< iE! iE28` =5.a! i8 a€ ai =,
§
!iiii9
ia!ge?i5Ea git= Ii
Ii,!
§BiaEi
8i I;i
;i
ii 8i 88E i ;i
&g 8i i ig a?a
i§
5
6aaE£ii i
;=:iI 3IiI i6\9i! S+8i!
6ii
?E¥5± ?€i!5:
IIt i±£ ;££
i+€+8
i i E
i
i
i !i agi
i!iSi: Ig±ZS, 3€i Ig
i 3 i=j:= ¥8§8Fa
:=i 5i 5= ;=I 58=
Eg: ii
i
:
gigEi8! Ei 8Ei£EI €i85ia€S? E8 i;=i? EaSi=;=iI i8 i=;=i i8€i58¥ ?8g€i=I %i€i2 ? EI6g€iI= I €±85a§3S= §85§i 8S= Ii5+5I5=iI
!8§igt€I
I68i;= I
!
£ = a
 HO: 302, Alankar Point, Geeta Bhawan Square.

On OP TOTLA & CO.

CHARTERED ACCOUNTANTS
A.B. Road, INDORE (M.P.) -452001
Contact: + 91-731 -2492877, 4051174

Email: contact@optotlaco.com

Independent Auditor's Ref)ort on the Audited Standa]one Financial Results of Indian Railwa}'

Finance Cor|}oration Limited for the quarter and year ended 31" March, 2024 being submitted hy

the com|}any pursuant to the Regulation 33 and Regulation S2 of the SEBl (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended.

The Board of Directors.

Indian Railway I.`inaiice Corporation Limited

Rci}ort on the. Audit of the Standalone Financial Results

Opinion

I. We have audited the accompanying Standalone Financial Results o+` Indian Railway Finance
Corporation Limited (hereinafter I.eferred to as "the Company") for the quarter and year endecl
31St March, 2024 attached herewith, being submitted by the Company pursuant to the requirement
of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations` 2015. as amended ("I.isting Regulations").

2. In our opinion and to the best of`our information and according to the explanations given to us these
standalonc financial results:

i) are presented in accordance with the requiremeiits of Regulation 33 and Regulation 52 ot` the
Listing Regulations in this regard; and

ii) gives a true and fair view in conformity with the recognition and measui.ement pi.inciples laid
dow n in the applicable accounting standards, and other accoiinting principles geiierally accepted
in India of the net profit and other comprehensive i]icome and other 1-inancial infomlation for
the qiiarter and year ended 31 S` March, 2024.

Basis for Opinion

3. We conducted our audit in accoi.daiic`e with the Standards on Auditing ("SAs") specificd under
section 143(10) of the Com.panics Act` 2013 (hereinafter ret`i`rred to as ..the.Act"). Our
responsibilities under those Standards are further describccl in the Auditoi.'s Responsibilities for the
Audit of the standalone financial results seetion of our report. Wc arc indepelideiit of` the Compan}'
in accordance with the Code ot` Ethics issued by the Institute of Chartered Accouiitants ol` liidia
together with the ethical requirements that are relevaiit to our audit ot` the financial results under the
provisions of the Act and the Rules thereunder. and we have fulfi]led our other ethical
Emphasis of Matters

4. We draw attention to the following matters relevant to the standalone Financial Results :

i) Attention is drawn to Note No.10, wherein adjustment for prior period errors has been done
due to incorrect classification of lease rentals between capital recovery and lease income in
respect of lease of rolling stock whose primary lease period has completed. As a result of this,
the lease receivables and retained earnings as of April lst, 2022 were each overstated by
Rs.6,202.79 Million and as at March 31S`, 2023 by Rs.7,901.36 Million. This error has been
corrected and comparative figures of each affected line item of financial results has been
restated accordingly.

ii) We draw attention to Note- 4(b) of the Audited Financial Results which depicts no fresh
acquisition and leasing of rolling stock assets for the quarter and year ended 31 S` March, 2024.

Our opinion is not modified in respect of the matters stated above.

Management's Responsibilities for the Standalone Financial Results

5. These standalone financial results have been prepared on the basis of the standalone Iiid AS
financial statements.

6. The Company's management and Board of Directors are responsible for the preparation of these
financial results that give a true and fair view of the net pl.ofit and other comprehensive income and
other financial information in accordance with the applicable accounting standards prescribed under
Section 133 of the Act read with relevant mles issued thereunder and other accounting principles
generally accepted in India and in compliance with Regulation 33 and 52 of the Listing
Regulations. This responsibility also includes lnaintenance of adequate accounting recoi.ds in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preveiiting and detecting 1`rauds and other in.egularities: selection and applicatioii {tf appropriate
accoiinting policies; making judgments and estimates that are reasonable and prudent: and design,
implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the accuracy and completeness of the accounting rec()rds, relevant to the
preparatioii and presentation of the standalone financial results that give a true and t`air view and arc.
f`ree fr()in material misstatement, whether due to fraud or error.

7. In preparing the standalone financial results. the Board of Directors are responsible for assessing
the Company's ability to continue as a going concern. disclosing, as applicable, matters rclatecl to
going conccni and using the going concern basis of accounting unless the Board of Directors eithci.
intends to liquidate the Company or to cease operatioils, or has no realis{ic` alternative but to do so.

8. The Board of Directors are also responsible for overseeing the Company's rinancial reporting
process.

Page 2 of 4
Auditor's Res|)onsibilities for the Audit of the Standalonc Financial Results

9. Our. objectives are to obtain reasonable assurance about whether the standalone financial results as a
whole are free from inaterial misstatement. whether due to fraud or error, and to issue an Auditor's
report tliat includes our opiiiion. Reasoiiable assiirance is a liigh level ol` assurance but is not a
giiarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if. individually or in the aggregate. they could reasonably be expected to influence the
economic decisions of users taken on the basis of these slandalone financial results. As part ol` an
audit in accordance with SAs, we exercise professional judgmeiit and maintain professit)nal
skepticism tliroughout the audit. We also :

• Identify and assess the risks of material misstatement of the standalone financial results,
whether due to fraud or error` design and perform audit procedures responsive to those risks.
and obtain audit evidence that is sul`ficient and appropriate to provide a basis for our opinioii.
The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error. as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

Obtain an understanding of intemal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. but not for the purpose of expressing an
opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use o+` the going concern basis c)f
accounting and, based on the audit evidence obtained. whether a material uncertaiiity exists
related to events or conditions that may cast significant doubt on the Company's ability to
continue as a going concern. If we coiiclude that a material uncertainty exists, we are required
to draw attention in our Auditor's report to the related disclosures in the financial results or. il`
such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of, oiir Auditor's Report. However, future events or conditions
may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone fiiiancial results,
including the disclosures, and whether the financial results represent the underlying
transactions and events in a manner that achieves fair presentatioii.

10. Materialit}' is the magiiitude of misstatements in the standalone financial results that. individually or
in aggi.egate. makes it probable that the economic decisions of a reasonably knowledgeable user of
the standalone financial results may be influenced. We consider quantitative materiality and
qualitative factors in (i) plarming the scope ol` oiir audit work and in evaluating the resiilts ol` our
work; and (ii) to evaluate the effect of any identified misstatements in the e financial
results.
3of4
11. We communicate with those charged with governance regarding, among ()ther matters` the planned
scope and timing of the audit and significant audit findings. including any significant deficiencies ill
internal control that we identify during our audit.

12. We also provide those charged with go\'emance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably bc thought to bear on our independence. and
where applicable, related safeguards.

Other Matters

13. Reconciliation & Balance Confirmation froin Ministry of Railwa,v (MOR) have been i`ompleted
upto Financial Year 2022-23 and effect of such I.econciliation has been accounted for in Financial
Year 2023-24. Reconciliation of account ol` MOR for FY 2023-24 is to be completed.

14. Wc did not audit the standalone Ind AS financial statements of the Company for the quarter and
year ended 3 I s' March, 2023. These standalone Ind AS financial statements have been audited by
KBDS & Co. Chartered Accountants who vide their report dated 25th May, 2023 expressed an
unmodified opinion on the standalone lnd AS financial statements of the Conipany for the year
ended 31St March. 2023.

15. The staiidalone financial results include the results for the quarter ended 31S! March. 2024 being the
balancing figure between the audited figures in respect of the full fiiiancial year ended 31St March,
2024 and the published unaudited year to date figures up to the third quarter of the current financial
year which was subject to limited review for tlie quarter ended 3lst December, 2023 and 30th
September, 2023 by us and for the quarter elided 30" June, 2023 was subject to limited review by
KBDS & Co. Chartered Accountants who vide their report dated I lth August, 2023 expressed an
unmodified conclusion on the unaudited standalone financial results of the company.

16. The standalone annual financial results dealt with by this report have been prepared for the expl.ess
purpose of filing with stock exchanges. These results are based on and shoiild be read with the
audited standalone lnd AS financial statements ol`the Company for the year ended 31S' March` 2024
on which we issued an unmodified opinion vide our report dated May 20`h. 2024.

Our opinion is not modified in respect of these matters.

For 0 P Totla & Co.

Chartered Accountants `
FRN:000734G _ A

Partner
M. No. : 429100

UDIN : 24429100BKADAN1353

Place : New Delhi

Date : 20th May, 2024

Page 4 of 4